Egypt announced plans on Monday for a new $1 billion marina, hotel, and housing development on the Red Sea to boost the region's tourism industry.

Construction on the "Monte Galala Towers and Marina" project would start in the second half of the year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the housing ministry and other state bodies, including the armed forces' engineering authority - would cost about 50 billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square metres on the Gulf of Suez, about 35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.